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Wynn Macau, Genworth, Pike, New Fortress price; Southwestern Energy, ON Semiconductor trade up
By Paul A. Harris and Abigail W. Adams
Portland, Me., Aug. 19 – The domestic high-yield primary market continued to churn out new issuance at an active clip with the daily average run rate now exceeding $2 billion for eight consecutive sessions.
On Wednesday, four issuers priced a cumulative $3.1 billion.
Genworth Mortgage Holdings, Inc. priced $750 million, New Fortress Energy Inc. priced an upsized $1 billion, Wynn Macau Ltd. priced $850 million, and Pike Corp. priced $500 million.
Meanwhile, it was another uneventful day in the secondary space with the market largely unchanged, a source said.
New deals remained in focus albeit with mixed performances.
ON Semiconductor Corp.’s newly priced 3 3/8% senior notes due 2028 (Ba2/BB) were trading with a large premium in high volume activity.
While the issue was small, Southwestern Energy Co.’s 8 3/8% senior notes due 2028 (Ba3/BB-) were active and traded up to a 101-handle.
Hannon Armstrong Co.’s 3¾% senior notes due 2030 were also trading at a premium to their discounted issue price.
However, iStar Inc.’s 5½% senior notes due 2026 (Ba3/BB/BB) saw a lackluster reception in the secondary space with the notes, at times, lagging their issue price.
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